Japanese city Osaka has replaced Paris as one of the world’s most expensive cities to live in.
The Economist Intelligence Unit’s (EIU) Worldwide Cost of Living Survey 2020 revealed that the top place is now jointly occupied by Osaka, Hong Kong and Singapore.
New York follows closely behind in fourth place.
The bi-annual survey revealed that Paris dropped down to 5th place, now equal with Zurich.
Osaka, by contrast, climbed three places to the top of the rankings, while Tokyo rose five spots to joint 8th, both owing to the strengthening of the yen currency.
When it comes to the 37 European cities surveyed, 31 have fallen in overall rank, as “modest domestic demand and weak global energy prices have kept inflationary pressures subdued across Europe in the past year”, according to the survey.
Three European cities are currently in the top ten, compared with seven cities in 2010.
Geneva, for instance, was a long-standing member of the top ten club but has fallen from 5th to 10th place this year. Copenhagen is also no longer listed in the top ten.
Istanbul, however, was the largest climber in the rankings, rising by 24 spots to 96th place.
Meanwhile, US cities have seen higher living costs due to the strength of the dollar, with 15 of the 16 cities rising in the rankings.
The survey found that the cost of living has fallen by approximately 4 per cent on average across the 133 cities surveyed. The EIU states that this “reflects the impact on global currencies of easing monetary policy, uncertainty around the US-China trade war and the strength of the US economy.”
The survey was compiled in November 2019 before the outbreak of coronavirus. This is likely to have an impact on the next set of results.
You will be able to read our upcoming feature on Osaka in the April issue of the magazine.